The ratings on Fairport, N.Y.-based Constellation Brands Inc. reflect its leveraged financial profile, acquisitive growth strategy, and participation in the highly competitive beverage alcohol markets. Given Constellation's highly leveraged financial profile, the ratings would be lower if not for the company's historically strong cash generation from a diverse portfolio of consumer brands. On Dec. 22, 2004, Constellation closed its acquisition of California wine producer, The Robert Mondavi Corp., for approximately $1.4 billion, including Mondavi debt. Although the Mondavi acquisition will improve Constellation's business profile, strengthening its position as the world's largest wine producer, the additional debt incurred will weaken credit measures in the near term. Moreover, this acquisition will create integration risk for the company. Constellation has the largest wine
